Weibo, one of China’s biggest social media platforms, has reported an increase in both active users and revenue in the second quarter of 2021. Over the past few years, Weibo has transformed from a simple blogging platform to a comprehensive social media platform, becoming the first choice for netizens to check breaking news in China.
Weibo CEO Gaofei Wang recently confirmed that “MAUs and DAUs reached a record high in June, leveraging Weibo’s further enhanced competitiveness in social products, video, and effective channel investment.”
Weibo’s net revenue reached $574.5 million in Q2, a 48% year-on-year increase, with further growth (of 20 -25%) expected in the third quarter.
Brands have been using Weibo as a powerful marketing and advertising tool for their campaigns, such as YSL, Tmall, Estée Lauder, and Perfect Diary. This has led to advertising and marketing revenues to thrive, totalling $502.3 million, an increase of 47% year-on-year.
Meanwhile, costs and expenses for the second quarter increased to $381.2 million, compared to $281.2 million for the same period last year. This can be attributed to higher investments made in recruitment and marketing with the company pursuing continued growth.